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Message:: [QUOTE="MIGuy, post: 8138759, member: 116145"]Per your link -Form 1099-K is an IRS informational tax form that is used to report goods and services payments received by a business or individual in the calendar year. While banks and payment service providers, like PayPal and Venmo are required by the IRS to send customers a Form-1099K if they meet the $600 threshold amount, there are certain amounts that may be included on the form that are generally excluded from gross income and therefore are not subject to income tax. This includes: <ul> <li>Amounts from selling personal items at a loss</li> <li>Amounts sent as reimbursement</li> <li>Amounts sent as a gift</li> </ul>So, for example, if you purchased a couch for $1200 and sold it for $800, this amount would not be subject to income tax. In any case even if a 1099-K is issued, you don't have to report all sales as "profit" you still factor in your cost basis - what the coin (or whatever) cost you.  So if you bought a Morgan for $100 and sold it for $125, you don't have $125 in income, just in gross sales, your "profit" is just $25.  Also, hobby income is not subject to self-employment taxes. Also, this change is for 2022 - it won't affect anyone's 2021 tax filing this year.[/QUOTE]